18-Unit Apartment
1261 NW 59th St Miami, FL 33142
1261 NW 59th St, Miami, FL, 33142
$3,650,000
For Sale
$3,650,000
Built in 1957, the 18-unit building offers wall-unit air conditioning and separate electric meters for all units.
Property Size10,485 SF
Lot Size0.24 Acres
Price / SF$348.12
Days on Market52
Property Features for 1261 NW 59th St
General Information
- Standard status
- Active
- Size
- 10,485 SF
- Lot size
- 0.24 Acres
- Property subtype
- Multifamily
Listing agency
Fort Lauderdale Office
(954) 245-3445
Listed by
Cory Sanchez · License #License(s): FL: SL3605832
(954) 245-3445
Source
Marcusmillichap
Added: Jun 1 Updated: Jul 21 at 4:37PM Checked: Jul 22 at 2:07AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Fort Lauderdale Office
Investment Insights
Based on property information with market context.
City Apartments is an 18-unit multifamily property built in 1957, totaling 10,485 square feet on a 0.24-acre lot. The unit mix includes twelve one-bedroom, one-bath units averaging 500 square feet and six two-bedroom, one-bath units averaging 590 square feet. The property features wall-unit air conditioning, and each unit has a separate electric meter, which can simplify operations.
The building is located in Miami’s Liberty City neighborhood and is positioned near the Liberty Square redevelopment, described as a $300+ million public-private partnership adding over 1,400 new mixed-income housing units along with retail and community spaces. It is also noted to be minutes from the Miami Innovation District, Wynwood, Allapattah, and the Miami Health District.
With its existing unit configuration and modernized building systems as noted in the offering remarks, City Apartments presents an income-oriented apartment asset in an actively redeveloping corridor.
The building is located in Miami’s Liberty City neighborhood and is positioned near the Liberty Square redevelopment, described as a $300+ million public-private partnership adding over 1,400 new mixed-income housing units along with retail and community spaces. It is also noted to be minutes from the Miami Innovation District, Wynwood, Allapattah, and the Miami Health District.
With its existing unit configuration and modernized building systems as noted in the offering remarks, City Apartments presents an income-oriented apartment asset in an actively redeveloping corridor.
Key Highlights
- 18‑unit multifamily building at 1261 NW 59th Street, Miami, FL 33142, built in 1957
- 10,485 SF on a 0.24‑acre lot with a unit mix of twelve 1 bed/1 bath and six 2 bed/1 bath units
- Twelve 1BD/1BA units average 500 SF; six 2BD/1BA units average 590 SF
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $377.5k | $36.00 |
| − Vacancy | −$25.3k | −$2.41 |
| EGI | $352.2k | $33.59 |
| − OpEx | −$158.5k | −$15.11 |
| NOI | $193.7k | $18.47 |
10,485 SF · lease $36.00/SF/yr · vacancy 6.70% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$2.77M
$2.42M – $3.23M
NOI $193,694 @ 7.0% cap · market cap 5.31%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$7.08M
$6.19M – $8.26M
NOI $495,421 @ 7.0% cap · market cap 13.57%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Apartment buildings
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FAQs
What type of property is this?
Apartment building - Built in 1957, the 18-unit building offers wall-unit air conditioning and separate electric meters for all units.
Where is this apartment building located?
The property is located at 1261 NW 59th St Miami, FL.
What is the asking price?
The asking price for this property is $3,650,000.
What are key features of this property?
This property features: 18‑unit multifamily building at 1261 NW 59th Street, Miami, FL 33142, built in 1957; 10,485 SF on a 0.24‑acre lot with a unit mix of twelve 1 bed/1 bath and six 2 bed/1 bath units; Twelve 1BD/1BA units average 500 SF; six 2BD/1BA units average 590 SF
